The hole the RNC's in

To date, the committee has approximately $23 million in debt: $15 million in loans, and $8 million owed to vendors.

Also, most of what Steele's donors contributed seems to have gone into...soliciting their donations:

The RNC did raise nearly $105 million in 2010 mainly through low-dollar solicitations online and in the mail, but the costs to raise it were simply too high at approximately 64 cents for every dollar raised. Even more troubling, our major donor programs are at 10-year lows.